聚变时代加速到来，Z箍缩路线走进主流视野

Core Insights - The controlled nuclear fusion industry is experiencing explosive growth, with total investment rising from $1.9 billion in 2021 to $9.7 billion in 2025, reflecting increased investor confidence and technological breakthroughs [1][2] - The 2030s are viewed as a critical period for the commercialization of fusion energy, with significant advancements expected in the coming years [1] Investment Trends - The report highlights a substantial increase in investment in the fusion sector, with an additional $2.6 billion added in the last year alone [1] - The emergence of inertial confinement technology, particularly Z-pinch technology, is gaining attention due to its safety, economic viability, and environmental friendliness [2] Technological Developments - Z-pinch technology is becoming a prominent alternative to magnetic confinement, with notable projects like the Z machine at Sandia National Laboratories and China's Juluo-1 utilizing this approach [2] - Recent experiments have achieved a significant milestone by producing a net energy gain, marking a historic achievement in inertial fusion energy [2] Future Projections - The commercialization of Z-pinch technology is expected to unfold in three phases: key technology breakthroughs (2024-2030), engineering demonstration (2031-2040), and commercial power generation (post-2040) [3][4] - Investment opportunities are anticipated in sectors related to Z-pinch drivers, fusion targets, and subcritical fission blanket technologies, with specific companies identified for potential growth [4]